SM Goh: “Economic growth” a key challenge for next generation
August 3rd, 2009 | 
Author: From our Correspondent
SM Goh highlighted 10 challenges for the next generation of Singaporeans.
They range from maintaining high economic growth to social issues such as minimising urban congestion. (source: Straits Times)
Top on his list is maintaining Singapore’s high economic growth amidst global competition and to convince Singaporeans that life will only get better.
SM Goh recalled that in 1959, thousands of Singaporeans lived in slums and squalor. Today, more than 90 per cent own their homes which are “good-quality private and public housing.”
More than 85% of Singaporeans live in public housing built by HDB, a government agency under the Ministry of National Development.
As these are 99 year old leasehold flats, Singaporeans do not actually “own” them, but are merely renting them from the government.
The price of HDB flats has skyrocked over the years. The latest Build-to-Order flats were launched at prices comparable to condominiums.
The government has always insisted that HDB flats remain “affordable” to Singaporeans though wages have not kept up with the inflationary prices. No information is available on the cost of building the HDB flats.
Singaporeans are often threatened not to have their flats upgraded by the government if they vote for the opposition in the general elections.
The high economic growth in the last decade has not brought much benefit to the ordinary Singapore worker. Wages have risen only marginally or stagnated for the lower income group who have to face increasing competition for limited vacancies from cheap foreign labor.
A recent study shows that 35 per cent of the population has less than $5,000 of savings in the banks. With most of their CPF tied up in the mortage loans, few Singaporeans are well prepared for their twilight years.
In spite of the grim outlook, SM Goh is confident that the next generation can tackle the new challenges.
They have four factors in their favour: Ample financial resources, a growing talent pool, strong political leadership and a cohesive society enjoying racial and religious harmony for four decades.
EDITORS’ NOTE:
Do you agree or disagree with SM Goh? Email your views to us at temasekreview@gmail.com
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11 Responses to “SM Goh: “Economic growth” a key challenge for next generation”
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where is the link to the study saying that 35% of Singaporean has less than $5,000 in savings? Really?
The first challenge of HIGH ECONOMIC GROWTH is truth – the rest of the other 9 challenges is dust clouds to obscure the first one.
In this cyberspace age, who among us in MAJORITY still believes in rascist thinking and behaviour in this secular society of ours??? We see even more foreigners ON OUR STREETS, SHOPPING MALL, PUBLIC TRANSPORT than “minority ethnic” groups of Singaporeans!
As for high economic growth, this one is a bit of a rich-fat- bum-sitting-on-the-brain thinking as of now for most Singaporeans who have not look hard at reality. We got no strong external wing in our economy. CONSUMPTION DEMAND in the whole world has shrank.The WHOLE WESTERN WORLD ECONOMIES ARE MIRED IN DEBT FOR THE ANOTHER DECADE AT LEAST AND HAS TO START SAVINGS BEFORE THEY GOES BACK TO THE RECKLESS SPENDING DAYS OF THE PAST.
We are externally “most exposed” economy, so where is that high growth will come from except wishful vision and maybe fat hope. Singaporeans would be very happy to be employed in reasonably well-paying jobs.
GET REAL!!!!
High Economic Growth translates into : come up with even more innovative policies to squeeze the general population dry. Make them poor and get them lovin it. Shove it down their throat even when they don’t.
Often, people are misled that economic growth meant that all are better off. This is untrue.
The economic growth have gone to select few and many are not better off.
The government should set as an objective, to raise the median income of singaporeans. Do that and publish the statistics that this is growing.
CK Goh is joking here.
The real challenge that he is interested in is whether PAP can still stay in power if there is no economic growth.
As if he cares if economic growth benefits people?
We have budget surpluses every year so what?
We lost 40 billion with TH and had to spent another 16 billion for the recovery package like JCS.
That took more than 10 years of budget surpluses to save that amount in total.
If you add in the opportunity cost of those years of huge budget surpluses, the cost is enormous.
What is the point of saving that hard where your investment system sucked?
And those PAP people actually thought they had achieved some ideological superiority with the budget surpluses.
I second silvir24′ view. Policies like GST, ERP, COE, CPF,… and many more to come.
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Where is the promised Swiss Standard of living?
Dont be shy leh say something about this afterall you did promise to deliver this to Singapore right?
Make PROMISES And MORE PROMISE to get your votes for promise that when I NOT SMART AND HONEST ENOUGH TO PERFORM AND KEEP – Just explainin SPINS EXCUSES – Blame FAILURES ON something or something As pap NEVER EVER at fault you don’t know AH??? SITUATIONS AND WORLD DYNAMICS HAS CHANGE AND SINKPOOR IS SO TINY-RED-DOT WHAT!!! WAH-LAU-OOIY!!! IAM SO BIG LEADER HERE OF THIS TINE RED DOT – WHAT CAN I DO MAN WHEN TE WORLD IS ACTUALLY SO BIG BIG BIG??? GIVE ME ABREAK MAN OKIE!!!
Just a gentle reminder. It’s CT GOH and not “CK Goh”.
you know as long as I get the surname right, it is ok. Most people know who I am talking about.
He is another joker.